DON'T FEEL GUILTY....

Short Sale Blog

Guilt ridden thinking about Defaulting on your mortgage?

Wayne Landon: Posted on Thursday, December 22, 2011 1:32 PM

Before you beat yourself up to badly, read the following  news report. Five major mortgage lenders could be facing concessions totaling $19 billion as bank representatives and government officials put finishing touches on a settlement for wrongful mortgage foreclosures, sources have told The Wall Street Journal. Officials have been working with banks for months to determine how they should be held responsible for the mortgage robo-signingscandal  but some states expressed concerns that the deal on the table doesn’t meet their expectations.   The banks involved in the settlement are the nation’s five largest mortgage servicers: Ally Financial Inc., Bank of America Corp., Citigroup Inc., J.P.Morgan Chase & Co. and Wells Fargo & Co.   While specifics of the settlement have not been disclosed, banks are expected to be responsible for least $19 billion in concessions that could include principal write-downs and interest-rate reductions for homeowners, as well cash penalty payments to the government.   The total amount could jump to as much as $25 billion if California, which accounted for 13.1 percent of all mortgages outstanding and 10.8 percent of all loans in foreclosure, joins in the deal. The state walked away from settlement talks in September.   So how do you feel now, guilty or angry? If you follow mortgage default news like I do, you would note that very reputable news outlets are pointing the finger at the banking community for the mess we have. They are the ones who created the exotic mortgages that few people understood, to fuel the expansion of new mortgages. They want to blame the public for being so stupid, the government for insisting on more mortgages, and Wall Street for bundling mortgages into bond funds to provide liquidity.   They should be brought to their knees like Arthur Anderson for the Enron scandal, but that is not practical, only wishful thinking.   If you want to explore how you deal with your underwater mortgage checkout www.jwlproperties.net for solutions that meet your needs, not those of the banking community

Do YOU have Effective Negative Equity ??

What is ENE ?? (effective negative equity)

 'effective' negative equity,
is  when  borrowers/homeowners  who have so little equity in their homes, they cannot afford to move.


Consider the following from mortgage
analyst Mark Hanson:


On US totals, if you figure average house
prices use conforming loan balances, then a repeat buyer has to
have roughly 10% down to buy in addition to the 6% Realtor fee to
sell. Thus, the effective negative equity target would be 85%.
You also have to factor in secondary financing, which most
measures leave out.  Based on that, over 50% of all mortgaged
households in the US are effectively underwater — unable to
sell for enough to pay a Realtor and put a down payment on a new
purchase without coming out of pocket.
-------------------------


Special thanks to:
 Chris McLaughlin, who is widely known as America’s top
Real Estate Attorney and Investment Consultant.

                         

CHASE BANK RUINED THEIR LIVES !!!

How Chase Ruined Lives of People Who Paid Off Their Mortgages

Matt Taibbi, in giving a well deserved thrashing to the banking industry’s Tokyo Rose, aka New York Fed director Kathryn Wylde, said:

[S]tealing is pretty much the worst thing that a bank can do — and these banks just finished the longest and most orgiastic campaign of stealing in the history of money.

Once you read the allegations in the cases included in this post, I strongly suspect you will agree that the “ruining lives” in the headline is not an exaggeration. And as important, these two cases, with very similar fact sets, also suggest that these abuses are not mere “mistakes”. These are clearly well established practices that Chase can’t be bothered to clean up, since cleaning them up costs money and letting them continue is more profitable.

Both cases took place in Alabama. In both cases, the borrowers had made every mortgage payment on time. One was a couple with three children, the Barnetts. The second is a widow, Besty Barlow, but her husband was still alive when this ugly saga started.

In both cases, the house burned down, The borrowers both had homeowners’ insurance.

Read more at... http://www.nakedcapitalism.com/2011/08/how-chase-ruined-lives-of-people-who-paid-off-their-mortgages.html

In other words, this is the banking version of exploding Pintos. Ford did not fix the defect in its fuel tank design because they figured it would cost less to pay out the damages on claims for death and dismemberment than fix the design flaw. Similarly, Chase evidently figures it can bulldoze people, extract more fees from them by engaging in conduct that is unquestionably against the law (see the cases for details), and maybe once in a while it gets caught and has to write a big check.

Read more at... http://www.nakedcapitalism.com/2011/08/how-chase-ruined-lives-of-people-who-paid-off-their-mortgages.html

What is Cash 4 Keys ??

Here is an excellent explanation of the CASH FOR KEYS program that you may qualify for and could certainly use. Get some money to move on.

http://www.wisegeek.com/what-is-cash-for-keys.htm

Don't be afraid.......negotiate and be patient.

Larry, Blog Founder

ask us for help if you need it !!!!!! at .... sellorbuyland@gmail.com

LOAN MODIFICATION PLANS ??????

I regularly meet stressed homeowners that have been turned down for a

modification plan......

An estimated 210,000 homeowners received permanent, proprietary
loan modifications from mortgage servicers during the first
quarter of 2011, according to data released by HOPE NOW
yesterday. That’s down nearly 20% from the 261,500
private-program mods reported during the fourth quarter of 2010,
and 40% fewer than the 347,000 completed in the third quarter of
2010.

also.....

Schwartz commented,
“While it’s encouraging to see a continued decline in 60 day
delinquency we realize many homeowners continue to be at risk of
foreclosure, as evidenced by the increase in foreclosure sales in
March.”

Smart Real Estate News & Commentary by Chris McLaughlin April 28,
2011

Forward this e-mail to your friends!
Then they can subscribe directly at the following link:
http://www.smartrealestatenews.com/

WHAT NOW?????

Foreclosure Overview & Foreclosure Process

What is Foreclosure?

Foreclosure is a process that allows a lender to recover the amount owed on a defaulted loan by selling or taking ownership (repossession) of the property securing the loan. The foreclosure process begins when a borrower/owner defaults on loan payments (usually mortgage payments) and the lender files a public default notice, called a Notice of Default or Lis Pendens. The foreclosure process can end one of four ways:

1. The borrower/owner reinstates the loan by paying off the default amount during a grace period determined by state law. This grace period is also known as pre-foreclosure.
2. The borrower/owner sells the property to a third party during the pre-foreclosure period. The sale allows the borrower/owner to pay off the loan and avoid having a foreclosure on his or her credit history.
3. A third party buys the property at a public auction at the end of the pre-foreclosure period.
4. The lender takes ownership of the property, usually with the intent to re-sell it on the open market. The lender can take ownership either through an agreement with the borrower/owner during pre-foreclosure, via a short sale foreclosure or by buying back the property at the public auction. Properties repossessed by the lender are also known as bank-owned or REO properties (Real Estate Owned by the lender).

Most of us have never faced Foreclosure prior to 2007. Most of my Clients have never experienced Foreclosure. This article is meant to be a FORECLOSURE 101.

For more info or help, email Larry, Blog Founder anytime at

FORECLOSURE FRAUD: The homeowner nightmares continue

WHOA !!!!!

Read this link below for the real news on Banks and their BS........

http://www.bringbankstojustice.com/foreclosure-fraud-the-homeowner-nightmares-continue/

the big banks have routinely committed fraud in their foreclosure filings and their records of how much people owe are too often wrong.

Be sure and check out my comment

at the bottom of this article.....

Here it is........

Larry Says: Your comment is awaiting moderation.

I regularly talk to Clients facing foreclosure. A constant is that they have tried to work it out with the Bank. But after researching REO to investor sale prices, I can see that the Bank make a bout 10% more by throwing the homeowner out, reselling and tacking the “defecient balance” onto the past homeowner anyways.

Great that banks make profit but why do they have to take advantage of the hard working homeowners??? A Pastor’s wife (a widow) is losing her home after 25 years. Are you kidding me??? I know of dozens of stories like this.

Oh yeah, and we are the ones paying to bailout these ripoffs at the Banks. Prosecute whomever is the thief.

From Larry Tutino, Founder of this Blog

SOME LOANS CAN BE RENEGOTIATED..

More loan modification options coming

Six months after the Federal Housing Administration (FHA) announced an $11 billion refinancing initiative for these “underwater” borrowers, nearly two dozen lenders have agreed to take part in a new loan modification program. The FHA program — called Short Refi — requires major concessions from lenders, which must agree to write off at least 10 percent of the principal balance, and from investors, who, if they own the mortgage, must also agree to the deal. To qualify, homeowners must be current on their monthly mortgage payments and not already have an FHA loan. The size of the new primary loan cannot be more than 97.75 percent of the current value of the property; refinanced loans for homeowners whose properties carry second liens cannot exceed 15 percent of the property value.

read more helpful info at...http://www.smartrealestatenews.com/

From Larry Tutino, Blog Founder

YOUR FORECLOSURE "RIGHTS"

Knowing Your Foreclosure Rights
Posted Tuesday, March 30, 2010 by admin Filed under: Foreclosures
Understanding what your foreclosure rights are and are not is an important part of being able to stop the foreclosure process. But where can you go to understand what your foreclosure rights are? What determines what those rights are?
There are a couple of different places that you can go to start to understand what your rights are in foreclosure. A good place to start is in your loan documentation. That describes, at least in part, what happens when you default on your loan with the mortgage company. While it does not describe in detail what happens in foreclosure, it at least gives you a starting place.
Another good place to go is your local or state resources. Every state has different foreclosure laws. Those laws greatly affect the timeline of your foreclosure and what your foreclosure rights are. In some states, these laws lean heavily towards the mortgage company and in others they are more in favor of you. Find out what those laws are so that you can do your best to protect your rights. Call your city, county or state to find out where you can go to know what the foreclosure laws are for your area.
Your rights are determined by a combination of what your loan documentation says and what the foreclosure laws are in your state. Look at your loan documentation closely and do the best you can to figure out what it means. If you cannot figure out what it means, find someone who can help you.
Once you understand that and the foreclosure laws in your state, you will have a much better idea of what your foreclosure rights are, how quickly your foreclosure process will move, and what you can do at each step of the process to try and stop it. Find out more at http://www.stopping-home-foreclosure.com/ForeclosureRights.html

Great info to help Slow down or STOP the Bank.

From Larry, Blog Founder

HELP IS ON THE WAY !!!!

Hello folks,

This Blog is meant to HELP any one that may be facing FORECLOSURE.

We will be posting information to help.

There will be You Tube videos that give you HOPE & DIRECTION.

Many tidbits of information will be FREE.

We do not believe in taking money from those that can not afford it!!!

Some types of information will cost money only if necessary. But, count on this,,,,, it will be very affordable for all. It will be guaranteed.

We are on your side,

Larry Founder of this Blog